Final answer:
Control in the context of business means that the customer has possession and the ability to use and benefit from the goods or services. Unclear or imperfect information can affect consumer satisfaction and future purchase decisions. Ownership and the right to contract are essential for exercising control over goods or services.
Step-by-step explanation:
Control requires that the customer has possession with respect to the goods or services and obtains the benefits. This concept is fundamental in transactions as it signifies the transfer of control from the seller to the buyer. In a broader context, every purchase is based on a belief about the satisfaction that the good or service will provide. However, when the information available to the buyer or the seller is imperfect or unclear, it can result in buyer's remorse or hesitation to make future purchases.
Furthermore, the right to control the property includes the ability to enter into contracts with other parties regarding said property. Hence, for individuals or firms to enter into a contract, they must own the property. The resource must be produced and can be used to produce other goods and services.
As part of consumer responsibility in economics, it is important to use products safely, choose goods and services carefully, seek information for informed decision-making, and communicate preferences or complaints effectively.